Chinese Blockchain Strikes Again: 1/11 Top Performer
Markets picked up from yesterday’s pause to post modest gains on today’s session, with all major indexes solidly into positive territory at the time of this writing, many sitting at all-time highs. These gains mark a show of investor confidence in the face of some emerging headwinds, including rising bond yields.
Today’s stock makes its second appearance as our Top Performer in recent weeks. Perhaps it should come as no surprise that it manages to take hold of two of the hottest market trends: blockchain tech and Chinese firms. Whether you’re a blockchain believer or skeptic, news events surrounding this red-hot trend offer highly profitable trading opportunities.
CNET runs an integrated platform used for digital marketing, precision advertising, data analysis, and related services. Their stock has been hot in recent weeks after announcing a new foray into blockchain.
Today, their stock posted another huge bounce after CNET announced Mr. Zhongyi Liu as new head of blockchain strategy and business development. Liu was one of the first generation of prominent internet entrepreneurs in China. Subsequently, he became one of China’s first big blockchain moguls.
Investors piled into the stock on the news. Liu’s appointment appears to bolster the stock on multiple fronts. First, his involvement signals CNET’s seriousness about competing in this space. Second, his industry contracts are perceived as vital for the successful expansion of CNET’s blockchain play. Finally, Mr. Liu brings a vast personal background in blockchain startups to CNET.
In the high-risk, high-reward world of blockchain stocks, investors are always looking for signs of a quality company. Mr. Liu appears to have provided that reassurance to investors, who piled into the stock in short order, driving it to gains closing in on 50% at the time of this writing.
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